18 Dec 2009 07:00
18 December 2009
SPIRITEL PLC
("SpiriTel" or "the Company")
FUNDRAISING
Further to the announcement of 3 November, SpiriTel plc, (AIM:STP), the business communications service provider, is pleased to announce that it has now raised the total of £10million by way of convertible loan notes. The initial amount raised was £9.2million.
The loan notes are convertible at 40p per ordinary share with a 10 per cent yield and are repayable at the Company's option, no later than November 2014, with a 20 per cent redemption premium.
The additional funds have come from a variety of new investors and include participation from Alastair Mills, Ronnie Smith, Lord St John of Bletso and Steven Scott.
The interests of the Directors following this participation (including loan notes held by their spouses) are as follows:
| Ordinary Shares currently held (number) | Loan Notes subscribed for (£) | Share options currently held (number) | Percentage of fully diluted issued share capital | |
| Director | ||||
| Lord St John of Bletso | 18,233 | 20,000 | 40,000 | 0.25 |
| A Mills | 14,900 | 15,000 | - | 0.12 |
| R Smith | 6,250 | 25,000 | - | 0.17 |
| S Maine | 5,000 | - | 40,000 | 0.09 |
| S Scott | 14,556,212* | 7,565,000** | - | 77.41 |
| A Vose | 457,036 | - | - | 0.95 |
Note: \* These holdings include those of funds managed by Penta Capital LLP, of which S Scott is a director
** Includes £7.49million of loan notes that have been subscribed for by Penta funds
The participation in the fundraising by certain directors and by Penta Capital LLP (of which Steven Scott is a director) is a related party transaction within the meaning of the AIM Rules. Steven Maine and Anthony Vose, being the independent directors for the purpose of this fundraising, after having consulted with FinnCap, the Company's Nominated Adviser, consider the terms of the fundraising fair and reasonable.
Commenting, Alastair Mills, Chief Executive of SpiriTel said:
"We are delighted to have raised the maximum available under the terms of the loan notes and SpiriTel is now well capitalised for further expansion. We will continue with our 'acquire, integrate and grow' strategy and will build on the recent acquisitions of Edge Solutions and A.D.K. Communications."
For further information please visit www.spiritelplc.com or contact:
| SpiriTel plc | Tavistock Communications | FinnCap |
| Alastair Mills | Simon Hudson | Geoff Nash |
| Chief Executive | James Midmer | Marc Young |
| Tel: 020 7160 0100 | Tel: 020 7920 3150 | Tel: 020 7600 1658 |
Notes to Editors
SpiriTel is a business communications group which is taking advantage of the opportunities created by rapidly changing telecoms markets in the UK as the migration to Internet Protocol (IP) based services accelerates. The Group is a consolidator of the highly fragmented UK telecoms reseller market and is building a substantial customer base and scale through selective earnings-enhancing acquisitions. We are organised into two divisions, SpiriTel Technologies - focused on our infrastructure and IP products and services - and SpiriTel Business, which provides our fully integrated range of voice and data services direct to business customers.
Today, the Group offers a broad range of voice and data communications products and services to a customer base of small and medium sized enterprises and an increasing number of larger national and international organisations. We are a recognised leader in the provision of new, but proven, Voice over IP (VoIP) solutions that are firmly based on the old-fashioned service values, which run throughout the Group.